GE Money Bank / Cutting Credit Limits

Cutting credit limits to balances owed on credit cards with NO proper 30 day written notices about changes to your accounts! Fill out a complaint form with your local Attorney General's Office (very simple and can be done online!) then write letters to the retail accounts they have cut your credit limit on telling them "that you will no longer shop at their stores as long as they are affiliated with GE Money Bank which means cash and/or credit purchases"! Write a letter to GE Money Bank and tell them that you are doing this and will refuse to shop in these stores as long as they use GE Money Bank's credit services! With the Holiday Shopping Season here, the retailers will lose tons of money and force GE Money Bank to change their policies, or they will go to one of the other retailer credit banks to obtain credit for their customers to get them back! Everyone needs to write these letters to make sure they (both GE Money Bank and their businesses) are flooded with complaints! Once they have seen the losses from this shopping season, they will see that we are not going to sit back and take it! What they are doing is WRONG and we can all fight back!

Comments

I own my home outright and have not bought a new car in 15 years but I finally had to get a new one. No problem, bought it with no money down and interest in the single digits. BUT GE moneybank first cut the limit on my Paypal Buyer credit. $300 down to $220. Okies. Yeah that 80 bucks will make or break me. But then they hit my Walmart card. I looked online and I guess my Lowe's is next. Yeah I carry balances on them but now I look like I am MAXED out on them. WTF?!?!? They've totally screwed up my fico. Why? I have never missed a payment. I would have the $$ in savings to just pay these cards off but I was rearended last Feb and all that went to medical since I have not settled with the insurance company. I am THIS close to taking out a small loan against my home to pay these off (I think I owe $2, 000 between all three cards BUT with my new lower score I'm not sure I'd be able.

They are doing this with everyone across the board. It does not matter that you have an excellent credit rating and never miss any payment on any account.

If you call they will insist that it is YOUR credit report that prompted them to do this. THAT IS A LIE! But that is what GEMB does. Anything to screw with their GOOD CUSTOMERS!

They are cutting $2 Billion from their credit management services, so everyone is getting screwed. Including the retailers (Walmart, JC Penney, Belks etc) that are relying on their credit customers to come in and shop this Christmas.

My guess is they are getting bombarded with complaints to the Federal Trade Commission and Office Of Thrift Supervision.

Add your complaints to the ones already filed. Let the Government know who GEMB is abusing its customer base.

well fyi a bank does not have to give a 30day prior notcie anymore i work in a bank and for credit cards when the lower it they have to at least send out the notices before 30 days after bc of so many people finding out then maxing out thier limit so when a company loweres them they show over the limit so yes it sucks but due to so many people acting crazy the banks had to get smart and do it this way they send the notice out the same day it is lowered so not just a ge thin but all banks are doing it jut fyi